Recommendations for Godiva Gems Chocolates in Singapore - 1100 Words

Marketing Plan Recommendations for Godiva Gems Chocolates in Singapore (Research Paper Sample) Content: Marketing Plan Recommendations for Godiva Gems Chocolates in SingaporeInstitutionTutorStudentDateTable of Contents TOC \o "1-3" \h \z \u Marketing Plan Recommendations for Godiva Gems Chocolates in Singapore PAGEREF _Toc473877274 \h 1Introduction PAGEREF _Toc473877275 \h 3Executive summary PAGEREF _Toc473877276 \h 3Part one PAGEREF _Toc473877277 \h 3Segmentation strategies PAGEREF _Toc473877278 \h 4Targeting Strategies PAGEREF _Toc473877279 \h 4Positioning Strategies PAGEREF _Toc473877280 \h 4Part 2 PAGEREF _Toc473877281 \h 5Marketing Mix Strategies for Godiva Gems in Singapore PAGEREF _Toc473877282 \h 5Product-Godiva Gems PAGEREF _Toc473877283 \h 5 HYPERLINK \l "_Toc473877284" Pricing Strategy PAGEREF _Toc473877284 \h 5 HYPERLINK \l "_Toc473877285" Conclusion PAGEREF _Toc473877285 \h 7References PAGEREF _Toc473877286 \h 8Marketing Plan Recommendations for Godiva Gems Chocolates in SingaporeIntroductionGodiva Gems is among the leading chocolate brands discovered in Be lgium in 1926. After its introduction in the United States, Godiva Gems has emerged the best-selling chocolate brand in the market. Though initially the brand was primarily targeted to meet the wants of luxury consumers, today it has developed various products in line with the expectations of its buyers hence establishing itself as one of the first-class companies dealing in chocolates worldwide. Godiva Gems Company has been categorized among the best performing chocolate brands with outstanding marketing strategies as well as the highest market segments in various countries around the world.Executive summaryAfter its establishment, Godiva targeted only luxury buyers to purchase their products in bulk during special occasions. Over the years, the Godiva Gems has invested a lot in marketing, and presently it is among the most advanced companies with various brands of chocolates for customers irrespective of the social status or levels of incomes. This company expanded its boundaries and further introduced their products in transnational markets and currently they have emerged among the leading chocolate brands in the world. This report paper provides crucial marketing plan recommendations of Godiva Gems in one of the foreign markets; Singapore market.Part oneSegmentation strategiesThere is minimal competition in the Singapore market segment, and as such, it is easy for Godiva Gems to penetrate and establish their chocolate brands there. Singapore city is an industrialized metropolitan which attracts both local citizens and foreigners from different cultural backgrounds to seek for employment opportunities. As a result, the majority of individuals in this country are high-income earners and with that comes the high propensity to consume products either nonchalantly or on particular events. Therefore, pursuing behavioral segmentation strategies, especially during celebratory seasons and occasions such as birthdays, weddings among other activities that occur thro ughout the year is crucial. These segmentation strategies would aid Godiva Company in establishing its products further to the typical casual customers (Nteogwuija, 2017).Targeting StrategiesGodiva Gems chocolate products are consumed by people of all age brackets, identities, and cultures. The compound population of Singapore, therefore, encompasses a suitable target group for chocolates since it contains individuals of all ages, cultures, races, and individualities. Nevertheless, Godiva Gems should aim at targeting premium casual buyers as the primary audience. In addition, the company is obliged to pay homage to the culture and consumption habits of various groups of Singapore people by mainly focusing on availing first-class quality products to them (Anonymous, 2015).Positioning StrategiesOver the years Godiva Gems Company has been selling its chocolate products in grocery stores or malls where potential customers frequently visited. Since now Godiva is a mushrooming company wit h a keen interest to maintain its luxury buyers, it is essential for them to position their brands in other platforms such as in magazines, the internet, and social media display place where their Singapore consumers will access at any time with ease. The positioning place to be advocated in Singapore should target the suitable group of users and accessible by the optimum set of buyers (Chopra, Meindl, 2013).Part 2Marketing Mix Strategies for Godiva Gems in SingaporeGodiva Gems is renowned for its efficient marketing mix strategies which have enabled its successful penetration in the US market. In its home market, this company employs a unique and straightforward principle of quality as well variety while selling its chocolate brands. Similarly, for Godiva Gems Company to succeed in Singapore, it can as well apply the same philosophy of focusing entirely on variety and quality.Product-Godiva GemsGodiva produces a diverse range of chocolates such as marzipans, caraques, and chocola te bars with elite flavors, different tastes, textures, and color meant primarily to meet the needs of customers with different tastes and preferences. In order to meet the needs of the casual buyers in the Singapore market, Godiva can produce such different chocolate options but offer them at lower manageable prices. Besides, maintaining and even augmenting their wide variety of brands such as the milk, white and dark chocolate and other variegated products will enable it to secure a substantial customer base in Singapore.Pricing StrategyThe pricing strategies for Godiva Gems are favorable such that customers are always able to buy chocolates even during harsh economic conditions. However, not all newly identified buyers in Singapore are in a position to buy similar chocolate brands during tough and favorable economic circumstances at the same prices. Competitor companies such as Nestle and many more offer their products at different prices in various quantities depending on the pr evailing economic conditions. Therefore, Godiva ought to consider the changing preferences and tastes of the new target group and price their products with proximate consideration of the practices of the competitors who might offer their brands at lesser costs.Promotional StrategyGodiva Gems presents it chocolate brands in the market in such a way to attract the majority of the potential buyers by application of different promotional strategies. For Godiva to succeed in Singapore, they will be impelled to develop their product promotional strategies and employ various means, for example, social media m...